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Inside Scoop 25 / 23rd April
Dom here, back with another Inside Scoop to let you know what has been on my mind this past week.
Just a quick heads up – we have a special 5 Day Rooming House Challenge starting this week. This is my big claim “Give Me 5 Short Days, And We Will Show You The Exact “Step By Step” Method To Find And Flip Properties For Cash Profits In The Current Market For Little To No Money Down. PLUS Get Instant Access to NEW AI “Property Research” Software When You Show Up To The Training”.
It’s free to join if you want to check it out. Click here for the details.
Till next week,
Dom
What I am exploring: Artificial Intelligence in Law. Open AI, the company behind Chat GPT have also released Law Chat GPT. If ever there was an industry ripe for disruption I think it is the legal profession. Of course, there will always be a need for humans but AI can do a lot of heavy lifting for speed, efficiency and cost. I’m especially interested in the property space. Conveyancing is mostly precedent- based transactional work. There will be massive pushback from the industry. Interesting times ahead …
What I have been watching: Went to see the “business meets basketball” movie “Air” starring and directed by Ben Affleck about Nike signing up the, then rookie, player Michael Jordan to endorse and brand its new “Air” basketball shoe. I read mixed reviews with some bitter critics saying it was an exploitative depiction of the worst in capitalist society and a 2 hour product promotion. I love true feel good stories so for me it was a great film which I would highly recommend – some people just need to take a chill pill and stop overthinking things. Sheesh …
What I am reading: “Factfulness” by Hans Rosling. The tagline says it all “Ten reasons we’re wrong about the world – and why things are better than you think”. Bill Gates offered to buy a copy and send it to any college student who asked him and he put it on his top 5 reads for 2018. Rosling articulates 10 rules of thumb to avoid being influenced by manipulative bad news media and popular “group thinking” traps:
|
# |
Dramatic instinct |
Group Think |
Rule of thumb |
Example |
|
1 |
Gap instinct |
‘Look at the gap!’ |
Locate the majority |
‘Is there really a gap?’ |
|
2 |
Negativity instinct |
‘It’s getting worse!’ |
Expect negative news |
‘Would improvement get attention?’. |
|
3 |
Straight line instinct |
‘It just continues!’ |
Imagine bending lines |
‘Why would this line not bend?’ |
|
4 |
Fear instinct |
‘It’s scary!’ |
Calculate the risk |
‘Is it really dangerous?’ |
|
5 |
Size instinct |
‘It’s big!’ |
Check the proportions |
‘Is it big in comparison?’ |
|
6 |
Generalization instinct |
‘They’re all the same!’ |
Check your categories |
‘How are they different?’ |
|
7 |
Destiny instinct |
‘It never changes!’ |
Notice slow changes |
‘Isn’t it always changing slowly?’ |
|
8 |
Single-perspective instinct |
‘This is the solution!’ |
Use multiple tools |
‘What other solutions exist?’ |
|
9 |
Blame instinct |
‘That’s the bad guy!’ |
Resist pointing fingers |
‘What system made this possible?’ |
|
10 |
Urgency instinct |
‘It is now or never!’ |
Take small steps |
‘Can we take decisions as we go?’ |
What I am reflecting on: Faulty thinking and the cognitive traps we all fall into with our inevitable subjectivity and blind spots. A good question to ask as a filter on your worldview is “What’s good about this?”
PS: We released a new podcast episode, it is My Personal Top 10 Tips For Flipping Property In This Market. You can listen to it on Apple, Spotify, Youtube, our Website or wherever you find your podcasts, you don’t want to miss it.
